An Alzheimer’s disease or dementia diagnosis can be overwhelming in itself, but when the financial impact of a diagnosis comes to light, it can be crushing to some families. With care costs ranging from $17,000-$91,000 annually, many families are wondering what they can do to alleviate the financial strain of the disease.
Take a closer look at the cost of care, learn how advanced planning can help ease the impact and get tips on questions to ask potential care providers to find quality care.
It’s no secret that the cost of Alzheimer’s and dementia care is capable of overwhelming families coping with the devastating diagnosis. The 2015 Annual Cost of Care Study from Genworth Financial reported that:
The financial impact of dementia alone is capable of devastating families. The CEO of the National Association of Area Agencies on Aging, Sandy Markwood acknowledges the overwhelming cost and advises families to begin planning for long-term care as soon as a loved one is diagnosed. This allows the person with dementia to voice their wishes while they are still able and allows the family time to divide caregiving responsibilities, find the appropriate care services and seek quality medical care.
Kelly Gannott is a partner at Kentucky ElderLaw in Louisville and says that more than 3/4 of her firm’s work is crisis planning, rather than preplanning. She wants to let families know that preplanning for care can protect the assets of the person living with the disease.
Eldercare attorneys can help families navigate the financial aspect of care and ensure the appropriate documents are in place but finding affordable, quality care can be draining for families coping with the emotional and financial impact of a dementia diagnosis.
The Alzheimer’s Association recommends that families ask these 8 questions when seeking care for a loved one with dementia:
How has Alzheimer’s or dementia impacted your family financially? Would advanced planning have helped ease the financial strain? Share your stories with us in the comments below.
Get the latest tips, news, and advice on preventing Alzheimer’s, treatment, stages and resources.
6330 Sprint Parkway, Suite 450
Overland Park, KS 66211(866) 567-4049